Gina Argento of Broadway Stages pays $3.5M to Mark Klich for two specialty properties in Greenpoint

Gina Argento of Broadway Stages through the entity Humboldt Enterprises LLC paid $3.5 million to Mark Klich through the entity T&M Richardson Street LLC for specialty building (J6) at 272 Meserole Avenue in Greenpoint, Brooklyn and specialty building (J6) at 279 North Henry Street in Greenpoint, Brooklyn.
The deal closed on June 14, 2022 and was recorded on June 30, 2022. The two properties have 25,716 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $136 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Mark Klich was Mark Klich. The signatory for Broadway Stages was Gina Argento.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 272 Meserole Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Broadway Stages purchased one properties in one transactions for a total of $30 million and has no record it sold any properties over the past 24 months.
The seller Mark Klich had not purchased any other properties and had not sold any properties over the same time period.

The property

The 272 Meserole Avenue parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Greenpoint, the bulk, or 23 percent of the 29.6 million square feet of commercial built space are residential walkup buildings, with industrial buildings next occupying 21 percent of the space. In sales, Greenpoint has 1.6 times the average sales volume among other neighborhoods with $450.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has 3.7 times the average amount of major developments relative to other neighborhoods and is the 5th highest in Brooklyn. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.

The block

On the tax block of 272 Meserole Avenue, PincusCo has identified the owners of two of the 79 commercial properties representing 25,716 square feet of the 196,640 square feet. The identified owner is Broadway Stages. There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 144,552 square feet of built space are industrial buildings, with hotel buildings next occupying 29 percent of the space.

The buyer

The PincusCo database currently indicates that Broadway Stages owned at least 110 commercial properties with 3,204,387 square feet and a city-determined market value of $331.3 million. (Market value is typically about 50% of actual value.) The portfolio has $63.7 million in debt, borrowed from Investors Bank and Lakeland Bank. Within the portfolio, the bulk, or 58 percent of the 3,204,387 square feet of built space are industrial properties, with specialty properties next occupying 24 percent of the space. The bulk, or 51 percent of the built space, is in Brooklyn, with Queens next at 48 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 272 Meserole Avenue that occurred over the past 24 months.

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